Housing, transportation costs rose almost twice as fast as income in the last decade

TRD New York /
Oct.October 18, 2012 11:00 AM

No wonder so many New Yorkers complain about housing and transportation costs. Crain’s reported that between 2000 and 2010 in the New York area, both housing and transportation costs grew almost twice as fast as the income for median-income households, citing a study by the Center Housing Policy that surveyed the 25 largest cities in America.

In the New York area, costs for housing and transportation increased 55 percent during that decade while income posted a 31 percent growth and 56 percent of household income went into these two expenditures. Between the two, housing showed a greater burden of 34 percent.

And split in between renters and owners, homeowners spent 61 percent of their income on housing and transportation costs, whereas renters spent 52 percent.

On average, housing and transportation expenses rose 44 percent across the 25 cities and incomes rose 25 percent, according to the study.

However, there are silver linings: Household incomes rose faster than in other metro areas surveyed, and the average monthly transportation costs were cheaper in New York than in the rest of the cities. [Crain’s]

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
(iStock)

Laughing matters: Comedy club owners call for reopening

Laughing matters: Comedy club owners call for reopening
Sonder CEO Francis Davidson and Nathan Berman with 20 Broad Street (Images via CityRealty; Twitter)

Sonder accuses Metro Loft of hiding legionella at 20 Broad

Sonder accuses Metro Loft of hiding legionella at 20 Broad
NYC Hospitality Alliance’s Andrew Rigie and Mayor de Blasio (Hospitality Alliance; Getty; iStock)

City can’t afford to bail out restaurants: de Blasio

City can’t afford to bail out restaurants: de Blasio
Council members Antonio Reynoso and Keith Powers (Twitter, NY City Council, Getty)

City Council proposes bill to expand outdoor dining permanently

City Council proposes bill to expand outdoor dining permanently
New York Assembly Speaker Carl Heastie and Senate Majority Leader Andrea Stewart-Cousins (Getty)

New York lawmakers push for new millionaires’ tax

New York lawmakers push for new millionaires’ tax
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...